A recent national office market report released by CommercialCafe reviewed suburban submarket office inventory in 66 major U.S. markets. Based on data provided by CommercialEdge, the study compared existing suburban inventory totals and office completions per market during the past decade.
The report found that the largest three suburban inventories were part of the following markets: 1) Washington, D.C., 2) Dallas-Fort Worth and 3) San Francisco Bay Area.
- Projects located in suburban submarkets of the Washington, D.C.-Maryland greater metro area amounted to roughly 230 million square feet, which accounts for nearly 60% of the total office inventory on the market. This includes all commercial properties that are at least 25,000 square feet in size, whether it is Washington D.C. office space for rent or currently occupied in some form.
Nearly 16 million square feet of suburban D.C. office space was completed between the start of 2010 and June 2020, which equates to roughly 42% of the total commercial space completions of the decade across the entire market. Notably, the D.C. submarket that welcomed the most office space since 2010 was Tysons Corner with 3.3 million square feet.
- The Dallas-Fort Worth metroplex was a very close second in terms of total existing office space across its suburban subdivisions. In fact, with plenty of room to sprawl, most of the market’s total inventory is located in submarkets outside of the central business district. Specifically, 229 million square feet, or 73% of the total market inventory, is suburban DFW office space.
Moreover, the Dallas-Fort Worth market incorporates some of the largest office submarkets in the country: Las Colinas has 39 million square feet of office space, whereas the Platinum Corridor North has 36.2 million square feet and the Platinum Corridor South has 30 million square feet.
- With a high-density central business district and ample sprawl outside of its urban core, suburban office properties in the San Francisco Bay Area encompass 223 million square feet, which accounts for 85% of the greater market’s total office inventory. The largest submarket inventories in the Bay Area pertain to San Jose North (28.6 million square feet) and Palo Alto (13.3 million square feet).
Visit the full report on which U.S. markets have the most suburban office space for recent completion totals, as well as market office inventory distribution and comparative density for 66 major U.S. office markets.